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Petroleum Geo-Services ASA
Petroleum Geo-Services ASA: Mandatory Offer and Notification of Compulsory Acquisition of All Remaining Shares in Arrow Seismic
OSLO, Norway, Dec. 3, 2007 (PRIME NEWSWIRE) -- Petroleum Geo-Services ASA ('PGS' or the 'Company') announced today that on 2 December 2007, the Board in PGS decided to make a mandatory offer for and to exercise its right to conduct a compulsory acquisition of all remaining shares in Arrow pursuant to the Norwegian Public Limited Companies Act section 4-25. PGS expects to send a Mandatory Offer Document and Notification of Compulsory Acquisition to all Arrow shareholders tomorrow 4 December 2007 and thereby formally initiating the offer period. The decision to compulsory acquire will become effective as of the first day of the offer period in the mandatory offer. The Board in PGS will offer a redemption price of NOK 96 per share in Arrow, equal to the offer price in the mandatory offer. This notification will also be published on the Norwegian Register of Business Enterprises electronic information system and in a Norwegian newspaper which is generally read in Arrow Seismic's place of business. The notification in the Norwegian Register of Business Enterprises electronic information system is expected to take place on 4 December 2007 and the last day to object or reject the offered redemption price is therefore assumed to be 4 February 2008.